1. Green financing through Rupee debt markets ICICI Bank India June 30, 2016

2. Disclaimer This presentation has been prepared by ICICI Bank Limited, India. Nothing contained in this document shall constitute or be deemed to constitute an offer to sell/purchase or as an invitation or solicitation to do so for any securities of any entity. ICICI Bank and/or its Affiliates ("ICICI Group") make no representation as to the accuracy, completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. Before entering into any transaction you should take steps to that you understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. In the United Kingdom, this presentation is being distributed only to, and is directed only at, persons who are eligible to be categorised as eligible counterparties (as defined in Article 24(2) of Directive 2004/39/EC on markets in financial instruments) (“Eligible Counterparties”). This presentation must not be acted on or relied on in the United Kingdom by persons who are not Eligible Counterparties. This presentation is being distributed by ICICI Bank Limited only to, and is directed only at: (a) persons who have professional experience in matters relating to investments who fall within article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 and (b) persons to whom it may otherwise lawfully be communicated (together “relevant persons”). The investments to which this document relates are available only to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such investments will be available only to or will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Persons distributing this presentation must satisfy themselves that it is lawful to do so. For ease of reference, most figures have been quoted in USD terms. For the purpose of representation of data, the RBI Reference Rate of 1 USD = 67.1682 INR, as on June 17, 2016, have been considered. Financial Year (FY) in the presentation, wherever applicable, refers to the period from April to March. 2

3. 3 Presentation outline 1.About ICICI Group 3.Summary: Key themes 2.Green bonds: Indian context

4. ICICI Group 4 Protection Capital flows Credit Investments Savings Spanning the spectrum of financial services

5. ICICI Bank 5 Large physical footprint in India with 4,450 branches and 13,766 ATMs Diversified loan portfolio Investment grade ratings from Moody’s and S&P Largest private sector bank in India in terms of total assets Tier I capital adequacy of 13.09% as per Basel III norms Leadership in technology & digital initiatives *Data as of March 31, 2016 Global presence in 17 countries (including India)

6. Green energy commitment No.Name of Bank/Financial InstitutionCapacity (MW) 1State Bank of India15,000 2ICICI Bank Ltd.7,500 3L&T Finance Holdings Ltd.6,500 4Indian Renewable Energy Development Agency Ltd.6,000 5PTC India Financial Services Ltd.6,000 6Yes Bank5,000 7India Infrastructure Finance Co. Ltd.4,000 8IDBI Bank Ltd.3,000 9Power Finance Corporation3,000 10Bank of Baroda2,500 6 Source: Green energy commitments under RE-Invest 2015; http://re-invest.in/

7. 7 Presentation outline 1.About ICICI Group 3.Summary: Key themes 2.Green bonds: Indian context

8. Size of market (Amount outstanding) Long dated debt securitiesINR trillionUSD billion Central government securities (G)45.67679.88 State government securities (S)16.39242.57 Total sovereign securities (= G+S)62.06922.45 Corporate bonds (C)20.19300.63 Total debt securities (= G+S+C)82.251,223.09 Money market instruments Treasury Bills (TB)3.6554.30 Commercial Paper (CP)2.6038.74 Certificates of Deposit (CD)2.4536.43 Total money market instruments (= TB+CP+CD)8.70129.47 Bank credit75.301,121.06 8 Source: RBI, SEBI, CCIL; Data as on March 31, 2016 Corporate bonds outstanding at 27% of aggregate bank credit

9. Renewable energy: Financing outlook Renewable energy (RE) targetsCapacity Installed renewable energy (RE) capacity45 GW Target RE capacity (by 2022)175 GW RE capacity to be commissioned130 GW Cost of financing & existing exposuresUSD billion Cost of installation (assuming ~ USD 1 million per MW)130 Non-equity financing requirement (@ 70:30 Debt-equity)90 Aggregate exposure of banks/FIs to power sector152 - Scheduled commercial banks86 - Power Finance Corporation (PFC)36 - Rural Electrification Corporation (REC)30 9 Source: RBI; Exposure data as on March 31, 2016 Need for emphasis on green financing through capital markets

10. Foreign ownership of Rupee debt G-SecsSDLsCorporate bonds Outstanding amount679.88242.57300.63 Foreign holding24.660.6725.14 % of foreign holding3.63%0.27%8.36% 10 Source: CCIL, NSDL; Data as on March 31, 2016 Medium Term Framework (MTF): Roadmap for gradual enhancement in debt investment limits for foreign portfolio investors (FPI) Limits for FPI investment in central government securities to be increased in phases, up to 5% of outstanding stock by March 2018 USD billion SDL: State Development Loans; SDLs are state government securities

11. Trends in FPI debt limit utilisation (%) 11 Source: NSDL; FPI = Foreign Portfolio Investor Sep-13Mar-14Sep-14Mar-15Sep-15Mar-16 Government debt44%76%97%100% 99% Corporate debt32%34%47%77%76%69% Total utilisation35%42%64%86%85%80%

12. Size of market (Annual issuance) Annual supplyFY2014FY2015FY2016Growth (%) Central government securities83.9688.1487.092% State government securities29.7837.1358.2840% Total government securities113.74125.27145.3713% Corporate bonds 46.9271.3775.83 27% - Private placement40.6169.9370.79 - Public issue6.311.455.03 Total supply of debt securities160.66196.64221.2017% 12 Source: RBI, SEBI, CCIL, Prime database USD billion Corporate bonds are mostly issued on private placement basis

13. Supply landscape: Rupee bond markets 13 Financial sector constitutes ~65% of annual issuance, although the share of non-financials are increasing Source: PRIME database, SEBI 65% 24%

14. Credit enhancement ‘AA’ rating threshold for investments by retirement funds and insurers (under “Approved category”) ~60% of FY2016 annual supply from AAA issuances Credit enhancement options: Banks permitted to offer partial credit enhancement of up to 20% of issue size Credit enhancement scheme from IIFCL LIC of India to set up dedicated fund to provide credit enhancement to infrastructure projects 14 Source: Prime database, Union Budget 2016-17 LIC: Life Insurance Corporation of India IIFCL: India Infrastructure Finance Company Ltd.

15. Green allocation to create demand… CategorySizeAllocation Criteria for allocation to corporate bonds Retirement funds (Defined Benefit funds) Investments of USD 175 billion Annual inflows of ~ USD 33 billion CategoryMin.Max. Min. AA rating Dual rating Listed bonds Min. tenor of 3 years Govt. securities45%50% Corporate bonds35%45% Equities5%15% Life insurance companies Investments of USD 335 billion as on Mar 31, 2015 CategoryMin.Max. Corporate bonds rated AA & above included under “Approved Investments” Preference for secured bonds Govt. securities50%85% Approved Investments --50% Housing & infrastructure 15%-- New Pension Scheme (NPS) (Defined Contribution funds) Investments of USD18 billion as on Mar 31, 2016 Inflows of ~ USD 5.6 billion in FY2016 CategoryMin.Max. Auto-choice usually preferred Allocation to asset class depends on age of subscriber (35 to 55 years) Govt. category (G)20%80% Corp. category (C)10%30% Equities (E)10%50% Auto-choice or Active choice 15 Source: IRDAI, PFRDA, NSDL, Ministry of Finance

16. 16 Presentation outline 1.About ICICI Group 3.Summary: Key themes 2.Green bonds: Indian context

17. Summary: Key themes Indian bond markets, under-owned by overseas investors Financial sector issuers to drive Green issuance Credit enhancement to play key role in Green financing Regulations relating to Green allocation to create demand 17

18. Thank you 18

19. Contact details 19 Sreekanta Chatterjee ICICI Bank Towers, Bandra Kurla Complex Bandra East, Mumbai, India Tel. No. +91 22 26537295 Mob. +91 9930061655 E-mail: sreekanta.chatterjee@icicibank.comsreekanta.chatterjee@icicibank.com Ritesh Tatiya ICICI Bank Towers, Bandra Kurla Complex Bandra East, Mumbai, India Tel. No. +91 22 26538919 Mob. +91 9004418145 E-mail: ritesh.tatiya@icicibank.comritesh.tatiya@icicibank.com Naina Agrawal ICICI Bank Towers, Bandra Kurla Complex Bandra East, Mumbai, India Tel. No. +91 22 26538894 Mob. +91 7303693499 E-mail: naina.agrawal@icicibank.comnaina.agrawal@icicibank.com Sanjali Jain ICICI Bank Towers, Bandra Kurla Complex Bandra East, Mumbai, India Mob. +91 9407413121 E-mail: sanjali.jain@icicibank.comsanjali.jain@icicibank.com Keval Rawal ICICI Bank UK Plc., One, Thomas More Square, Thomas More Street, London, UK Tel. No. +44 20 73755536 Mob. +44 7482238118 E-mail: keval.rawal@icicibank.comkeval.rawal@icicibank.com ICICI Bank UK Plc ICICI Bank Ltd (India Corporate Office)

20. Strong franchise 20  Strong and growing retail franchise  Well established corporate franchise along with overseas presence  Sustained private sector market leadership 1  Strong profitability  Sustained private sector market leadership 1  Healthy returns  India’s largest mutual fund 1  Strong fund performance  Largest online retail broking platform  Strong franchises; market-linked businesses 1.Based on retail weighted received premium for FY2016 2.Based on gross written premium for FY2016 3.Based on average AUM for the quarter ended March 31, 2016

21. Regulatory structure 21 BankingCapital marketsInsurance Ministry of Finance  Reserve Bank of India (RBI)  Regulator and supervisor of the financial sector comprising commercial banks, financial institutions and non-banking finance companies  Monetary Authority: Includes formulation, implementation and monitoring of monetary policy  Manages the Foreign Exchange Management Act, 1999  Issuer of currency  Banker and Debt manager to central and state governments  Developmental role; performs a wide range of promotional functions to support national objectives  Regulates the money market, including repo markets  Securities Exchange Board of India (SEBI)  Regulates the business in stock exchanges and any other securities markets  Registers and regulates the working of the depositories, Debenture trustees, custodians of securities, foreign portfolio investors and rating agencies  Registers and regulates the working of venture capital funds, mutual funds, collective investment schemes and market intermediaries  Promotes investors' education and training of intermediaries of securities markets  Prohibits fraudulent and unfair trade practices relating to securities markets  Insurance Regulatory Development Authority of India (IRDAI); Insurance regulator  To regulate, promote and ensure orderly growth of the insurance and re-insurance business  Protection of the interests of the policy holders in matters concerning contracts of insurance  Regulating investment of funds by insurance companies  Regulating maintenance of margin of solvency  Developmental role; performs a wide range of promotional functions to support national objectives  Promoting efficiency in the conduct of insurance business Corporate bond markets are governed by guidelines prescribed by multiple regulators Source: RBI, SEBI, IRDAI

22. Pension funds 22 Ministry of LaborMinistry of Finance  Regulated by the Employees’ Provident Fund Organisation (EPFO), Ministry of Labour & Employment, Govt. of India  Administered by the Central Board of Trustees (CBT), consisting of representatives of government (both central & state), employers & employees  Funds managed by EPFO regulated professional fund managers, as per the approved investment guidelines  Exempted PF trusts managed by individual employers  Rate of return on investments declared annually; shortfall to be met by employers  Permitted to invest in equities from 2015 onwards  Regulated by the Department of Financial Services, Ministry of Finance (MoF)  Regulates retirement funds of most banks, insurance cos., and financial institutions  Investment pattern prescribed by MoF is usually adopted by the Ministry of Labour & Employment  Regulates investments of non-government provident funds, gratuity funds and superannuation funds  Traditionally encouraged greater allocation to corporate debt securities  Permitted its regulated entities to invest in equities from 2008 onwards Defined benefit schemesDefined contribution schemes National Pension System (NPS)  Administered and regulated by the Pension Fund Regulatory & Development Authority (PFRDA)  Defined contribution retirement savings scheme  Policy matters decided by the Department of Financial Services, Ministry of Finance  Aggregate assets of INR 1.18 trillion (~USD 17.57 billion) as on Mar 31, 2016  Funds managed by PFRDA regulated professional fund managers, as per the approved investment guidelines, into diversified portfolios comprising of government securities, corporate bonds and equity shares  One of the lowest cost pension products available in India  Tax benefits extended to subscribers up to certain specified limits Source: Ministry of Finance, PFRDA, EPFO

23. Insurance sector: Investments 23 InvestmentsLifeNon-lifeTotal Public insurers 265.9015.48281.38 Private insurers 68.638.4977.12 Total 334.6823.97358.50 Category LifeNon-lifeTotal Central govt. securities 107.646.40114.04 State govt. & other approved securities 64.172.5366.70 Housing & infrastructure 26.056.2532.31 Approved investments 79.068.0486.95 Other investments 3.870.744.62 Total 280.6423.97304.46 ULIPs 54.04 Total 358.50 Source: IRDAI; Data as of March 31, 2015 ULIP: Unit Linked Insurance Plan USD billion

24. Asset managers: AUM breakup 24 CategoryAUM% of industry AUM Income funds* 90.9944% Liquid/money market 40.1620% Gilt funds 2.291% Balanced funds 6.363% Equity (other than ELSS) 55.1327% ELSS 6.663% ETFs 3.562% Others 0.550% Total 205.70100% Source: AMFI; AUM data as on May 31, 2016 ELSS: Equity Linked Savings Scheme * Close end Income funds stood at USD 22.12 billion (~ 24% of Income category) Over 65% of AUM of mutual funds is in Debt category USD billion

25. Green bonds: Indian experience (1/2) IssuerBond detailsEnd useRemarks Issuer: Yes Bank Amount: ` 10.00 bn Coupon: 8.85% Tenor: 10 yrs Issued under the RBI guidelines for issuance of long term infrastructure bonds by banks; To finance RE projects First Rupee Green bond issue by an Indian issuer. Issuer: Exim Bank Amount: $ 500 mn Coupon: 2.75% Tenor: 5 yrs To finance eligible Green projects, including mass transportation & RE projects Issuer: Yes Bank Amount: ` 3.15 bn Coupon: 8.95% Tenor: 10 yrs Issued under the RBI guidelines for issuance of long term infrastructure bonds by banks; To finance RE projects IFC was the sole investor for the entire issue size. 25 (Feb 2015) (Mar 2015) (Aug 2015) RE: Renewable Energy

26. Green bonds: Indian experience (2/2) IssuerBond detailsEnd useRemarks Issuer: CLP India Amount: ` 6.00 bn Coupon: 9.15% Tenor: 3/4/5 STRPP To fund capital expenditure of RE projects First corporate Green bond issue in India. Issuer: IDBI Bank Amount: $ 500 mn Coupon: 4.25% Tenor: 5 yrs To finance eligible Green projects as per its internal green bond framework Issuer: Hero Future Energies Amount: ` 3.00 bn Coupon: 10.75% Tenor: 3/6 yrs Proceeds allocated to assets that comply with the Climate Bonds wind eligibility criteria First Indian issuer to issue a Climate Bond certified green bond; verified by KPMG Issuer: PNB HFL Amount: ` 5.00 bn Coupon: 8.02% s/a Tenor: 5 yrs To finance green, energy efficient buildings IFC was the sole investor for the entire issue size. 26 (Sep 2015) (Nov 2015) (Feb 2016) (Mar 2016) RE: Renewable Energy; STRPP: Separately Tradeable & Redeemable Principal Parts

27. Market mechanism for large borrowers RBI discussion paper on framework for enhancing credit supply for large borrowers through market mechanism Objective: To reduce concentration risk for banks & increase issuer diversity; ; to be effective from FY2018 Borrowers, having an aggregate fund-based limits above INR 250 billion (~USD 372 billion) from banking system in FY2018, needs to raise at least 50% of its incremental annual funding from capital markets Threshold for definition of large borrowers to be progressively reduced to INR 150 billion (~USD 223 billion) in FY2019 and to INR 100 billion (~USD 149 billion) in FY2020 Banks to set aside additional capital for lending beyond threshold limits 27

28. Useful websites Name of entityShort nameWebsite Reserve Bank of IndiaRBIhttps://www.rbi.org.in Securities & Exchange Board of IndiaSEBIhttp://www.sebi.gov.in Insurance Regulatory & Development Authority of IndiaIRDAIhttps://www.irda.gov.in Pension Fund Regulatory & Development AuthorityPFRDAhttp://www.pfrda.org.in Clearing Corporation of India Ltd.CCILhttps://www.ccilindia.com Fixed Income Money Market & Derivatives Association of India FIMMDAhttp://www.fimmda.org Association of Mutual Funds in IndiaAMFIhttps://www.amfiindia.com PRIME DatabasePRIMEhttp://www.primedatabase.com National Securities Depository LimitedNSDLhttps://nsdl.co.in Central Depository Services (India) Ltd.CDSLhttps://www.cdslindia.com National Stock ExchangeNSEhttps://www.nseindia.com Bombay Stock ExchangeBSEhttp://www.bseindia.com Ministry of FinanceMoFhttp://www.finmin.nic.in Ministry of Corporate AffairsMoCAhttp://www.mca.gov.in Ministry of Statistics & Programme ImplementationMoSPIhttp://mospi.nic.in 28